Fuller's reports like-for-like sales drop in managed arm

Total sales in the London brewer and pub operator's Managed Pubs and Hotels division grew 8%, but the company said “persistent rain affected sales in a large number of pubs with gardens, causing like for like sales to decline by 1.1%”.

But Fuller’s added: “The Queen’s Diamond Jubilee and Euro 2012 benefited the other parts of the business more noticeably, with Tenanted Inns like-for-like profits up 1% and The Fuller’s Beer Company total beer volumes growing by 1%, helped by the launch of Hope and Glory in May and Wild River in June, which have both proved very popular.”

The 30 pubs it acquired last year are “performing well and achieving our anticipated sales targets”, Fuller’s said. Six of the 13 managed pubs acquired have now been refurbished and the rest will receive investment during the remainder of this financial year, the company added.

Fuller’s said sales have grown 13% at its newly acquired sites after they received fresh investments, and it’s planning to increase expenditure this year. “We remain focused on investing for the long term in quality pubs, in premium markets.”

Fuller’s announced that Nigel Atkinson will stand down after today’s AGM having served for six years on the board. He was previously managing director of George Gale and Company, which Fuller’s acquired in December 2005, for 14 years. “He has added real value in both roles and his contribution has been extremely important to the company,” Fuller’s said.

Michael Turner, chairman of Fuller’s, sounded a note of optimism about the Olympics. “With the opening ceremony a mere nine days away and as the Olympic Torch weaves its way closer to the capital, past a growing number of our pubs and hotels, we can see the excitement building,” he said.

“The brewery is running at full tilt to ensure that everyone can celebrate with a pint of London Pride.”